VSIAX Fees and Costs — Vanguard Small-Cap Value Index Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.07%: a 0.06% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.8M in broker commissions, 0.0085% of average net assets, and portfolio turnover was 25%.
VSIAX Fees and Expenses
Annual operating expenses and sales charges of VSIAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.06% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.07% |
| Fee waiver | — |
| Net expense ratio | 0.07% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VSIAX Costs Over Time
On $10,000 invested in VSIAX, assuming 5% a year before costs, total costs come to $50 over 5 years, cutting the return by 0.08% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.07%) | $7 | $23 | $41 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $8 | $27 | $50 |
| Value after costs | $10,492 | $11,549 | $12,713 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
VSIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0085%
- Total broker commissions: $4.8M
- Bought from dealers (principal trades, not a cost): $4.4B
- Portfolio turnover (prospectus): 25%
- Securities on loan, average value: $389.7M
- Net income from securities lending: $14.4M (0.025% of average net assets)
VSIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $784K | 17.78% |
| MORGAN STANLEY | $762K | 17.27% |
| Mizuho Financial Group, Inc. | $656K | 14.89% |
| CITADEL SECURITIES LP | $622K | 14.10% |
| BARCLAYS PLC | $542K | 12.29% |
| THE GOLDMAN SACHS GROUP, INC. | $366K | 8.31% |
| BANK OF AMERICA CORPORATION | $205K | 4.64% |
| Royal Bank of Canada | $204K | 4.64% |
| VIRTU FINANCIAL, INC. | $135K | 3.05% |
| JEFFERIES FINANCIAL GROUP INC. | $133K | 3.02% |
VSIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $4.2B | 96.17% |
| THE GOLDMAN SACHS GROUP, INC. | $47.6M | 1.09% |
| JPMORGAN CHASE & CO. | $31.8M | 0.73% |
| CITIGROUP INC. | $20.3M | 0.46% |
| BANK OF AMERICA CORPORATION | $19.1M | 0.44% |
| UBS GROUP AG | $15.6M | 0.36% |
| MORGAN STANLEY | $15.3M | 0.35% |
| BARCLAYS PLC | $13.1M | 0.30% |
| Robert W. Baird & Co. Incorporated | $2.2M | 0.05% |
| Leerink Partners LLC | $2.2M | 0.05% |
Vanguard Small-Cap Value Index Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VBR | ETF Shares | 0.05% | — |
| VSIIX | Institutional Shares | 0.05% | none |
| VSIAX | Admiral Shares | 0.07% | none |
| VISVX | Investor Shares | 0.19% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.